Our visitor this week is tax professional Russell Fox on to speak about what gamblers can do earlier than the top of the 12 months to assist with their taxes.
We welcome your questions – ship them to us at [email protected], or you could find me at @RWM21 on Twitter or https://www.fb.com/GamblingWithAnEdge.
podcast – https://www.spreaker.com/person/7418966/fox12012022
Present Notes
[00:00] Introduction of playing tax skilled, Russel Fox
[00:42] Kind 1099-Ok
[03:59] Playing winnings as a U.Ok. resident
[08:39] Sports activities betting partnerships
[09:42] Can playing losses be carried over to future years?
[10:46] Session recording for sports activities betting, associated transactions
[15:10] Reporting revenue earned by relations
[17:30] Can an EIN be used for W2G’s?
[18:28] W2Gs for on-line desk video games play, session accounting
[20:40] State taxes on phantom playing revenue, deductions
[21:52] Playing logs, audits
[26:17] Horse racing W2G’s, 300x rule
[28:09] Incorrect SSN on W2G
[29:32] Classes at completely different casinos
[30:40] U.Ok. and US tax treaty for slot jackpots, lotteries
[32:50] Nevada taxes on sports activities betting
[35:32] Commercials
[38:50] Tax on futures wagers
[39:50] Mixed playing information when submitting collectively, group property states
[41:35] Kind 5754, issuing 1099s
[44:57] Good and dangerous states for playing
[48:03] Playing wins and losses as a part of a diversified portfolio
[48:53] Withholding on W2G
[50:01] Beneficial: James Fridman, ProHealth Longevity NMN Professional Full, Blood and Iron by Katja Hoyer
Sponsored Hyperlinks:
http://SouthPointCasino.com
http://BlackjackApprenticeship.com
http://VideoPoker.com/gwae
http://Unabated.com
Beneficial:
http://Jamesfridman.com
http://Prohealth.com/pages/uthever-nmn
Blood and Iron by Katja Hoyer – https://amzn.to/3izxVSk
Park v Commissioner – https://www.govinfo.gov/app/particulars/USCOURTS-caDC-12-01058/USCOURTS-caDC-12-01058-0
